和讯投顾夏昌永：市场赚指数不赚个股？强调控情况下，如何应对？

和讯网01-29

当前市场呈现典型的“赚指数不赚钱”格局，超三千只个股走弱下跌，指数却始终保持强势，且逐步逼近前期高点，此类分化行情的应对逻辑需重点梳理。从市场运行节奏来看，昨日开盘阶段曾出现短暂恐慌性抛压，指数下探至4100点后逐步企稳回升；今日指数顺势上行，在临近前期高点的关键位置，是否能够突破并开启新一轮行情，成为市场关注焦点。强趋势背景下，市场并非缺乏突破动能，核心制约因素在于近期持续存在的调控动作，这在...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2607775385?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-01-29 10:25","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2607775385","market":"hk","top_or_hot":-1,"title":"和讯投顾夏昌永：市场赚指数不赚个股？强调控情况下，如何应对？","media":"和讯网","content":"<div>\n<p>当前市场呈现典型的“赚指数不赚钱”格局，超三千只个股走弱下跌，指数却始终保持强势，且逐步逼近前期高点，此类分化行情的应对逻辑需重点梳理。从市场运行节奏来看，昨日开盘阶段曾出现短暂恐慌性抛压，指数下探至4100点后逐步企稳回升；今日指数顺势上行，在临近前期高点的关键位置，是否能够突破并开启新一轮行情，成为市场关注焦点。强趋势背景下，市场并非缺乏突破动能，核心制约因素在于近期持续存在的调控动作，这在...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260129102700a6b98cb1&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>和讯投顾夏昌永：市场赚指数不赚个股？强调控情况下，如何应对？</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n和讯投顾夏昌永：市场赚指数不赚个股？强调控情况下，如何应对？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-01-29 10:25 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260129102700a6b98cb1&s=b><strong>和讯网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>当前市场呈现典型的“赚指数不赚钱”格局，超三千只个股走弱下跌，指数却始终保持强势，且逐步逼近前期高点，此类分化行情的应对逻辑需重点梳理。从市场运行节奏来看，昨日开盘阶段曾出现短暂恐慌性抛压，指数下探至4100点后逐步企稳回升；今日指数顺势上行，在临近前期高点的关键位置，是否能够突破并开启新一轮行情，成为市场关注焦点。强趋势背景下，市场并非缺乏突破动能，核心制约因素在于近期持续存在的调控动作，这在...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260129102700a6b98cb1&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0164880469.USD","symbol_name":"HSBC GIF HONG KONG EQUITY \"AC\" ACC","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260129102700a6b98cb1&s=b","article_id":"2607775385","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260129102700a6b98cb1&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2607775385","pubTimestamp":1769653525,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"当前市场呈现典型的“赚指数不赚钱”格局，超三千只个股走弱下跌，指数却始终保持强势，且逐步逼近前期高点，此类分化行情的应对逻辑需重点梳理。类似走势在昨日同样存在，每当指数有上冲意愿时，均会出现明显的压制力量，这类资金动作可通过宽基ETF走势得到验证。从当前盘面结构来看，前期机构已逐步承接宽基ETF流出的筹码，指数整体结构仍保持稳定，大概率将维持4100点至4180点的箱体震荡格局。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"LU0164880469.USD":"HSBC GIF HONG KONG EQUITY \"AC\" ACC","LU0588546209.SGD":"Eastspring Investments - China Equity Fund AS SGD","LU0417516738.SGD":"Allianz Hong Kong Equity AT Acc SGD","LU0345780521.USD":"NINETY ONE GSF GLOBAL GOLD \"A\" (USD) INC","LU1188198961.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) INC QV","LU0328353924.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERGING MARKETS OPPORTUNITY (USD) \"P\" (USD) ACC","SG9999004220.SGD":"Nikko AM Shenton Asia Dividend Equity Fund  SGD","LU0329678170.USD":"FIDELITY EMERGING ASIA \"A\" (USD) INC","LU1251922891.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) ACC","LU0049853897.USD":"SCHRODER ISF EMERGING MARKETS \"A\" (USD) INC AV","00981":"中芯国际","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","LU1224709979.USD":"FIDELITY CHINA FOCUS \"A\" (USD) ACC","LU0540923850.HKD":"ALLIANZ HONG KONG EQUITY \"A\" (HKD) INC","SG9999002463.SGD":"LionGlobal China Growth SGD","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","LU0266512127.USD":"摩根大通环球自然资源 A(acc)","LU0061477393.USD":"CT (LUX) I ASIA EQUITY INCOME \"AU\" (USD) ACC","LU1303224171.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) INC","LU0737861772.HKD":"FIDELITY EMERGING ASIA \"A \" (HKD) ACC","LU0634319403.HKD":"ALLIANZ HONG KONG EQUITY \"AT\" (HKD) ACC","HK0000306701.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) INC","LU0149721374.USD":"HSBC GIF HONG KONG EQUITY \"AD\" INC","LU0417516902.SGD":"Allianz China Equity Cl AT Acc SGD","LU1831875114.USD":"SCHRODER ISF ALL CHINA EQUITY \"A\" (USD) ACC","LU1719994722.HKD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (HKD) ACC","LU0348825331.USD":"ALLIANZ CHINA EQUITY \"A\" (USD) INC","LU0531971595.HKD":"HSBC GIF CHINESE EQUITY \"AD\" (HKD) INC","BK1594":"碳中和概念股","LU0871576103.HKD":"HSBC GIF CHINESE EQUITY \"AC\" (HKD) ACC","LU2097828631.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC","LU1769817096.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (USD) INC","HK0000320223.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) ACC","LU2039709279.SGD":"MANULIFE GF DRAGON GROWTH \"AA\" (SGDHDG) INC","LU0463099449.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) ACC","LU1769817179.HKD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (HKD) INC","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC","LU0266512473.USD":"JPM GLOBAL NATURAL RESOURCES \"C\" (USD) ACC","LU0211977185.USD":"EASTSPRING INVESTMENTS GREATER CHINA EQUITY \"A\" ACC","LU2399975544.HKD":"ALLIANZ ALL CHINA EQUITY \"AT\" (HKD) ACC","LU0140636845.USD":"施罗德大中华区股票A Acc","BK1505":"一带一路","02899":"紫金矿业","LU0828237940.HKD":"SCHRODER ISF EMERGING ASIA \"A\" (HKD) ACC","HK0000320264.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) ACC","BK1198":"黄金","LU2097828474.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC A","LU0048580855.USD":"富达大中华区A","LU0307460666.USD":"EASTSPRING INVESTMENTS CHINA EQUITY \"A\" ACC","HK0000306685.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) INC"},"translate_title":"Hexun Investment Gu Xia Changyong: Does the market earn indexes but not individual stocks? How to deal with the situation of emphasis on control?","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"00981":0.9,"02899":0.9},"content_text":"当前市场呈现典型的“赚指数不赚钱”格局，超三千只个股走弱下跌，指数却始终保持强势，且逐步逼近前期高点，此类分化行情的应对逻辑需重点梳理。从市场运行节奏来看，昨日开盘阶段曾出现短暂恐慌性抛压，指数下探至4100点后逐步企稳回升；今日指数顺势上行，在临近前期高点的关键位置，是否能够突破并开启新一轮行情，成为市场关注焦点。强趋势背景下，市场并非缺乏突破动能，核心制约因素在于近期持续存在的调控动作，这在一定程度上主导了指数上行节奏。结合今日分时走势分析，指数高开后震荡回落，10:30左右尝试上攻却迅速遭遇压制，午后再度冲击日内高点时，13:10前后压盘动作再次显现。类似走势在昨日同样存在，每当指数有上冲意愿时，均会出现明显的压制力量，这类资金动作可通过宽基ETF走势得到验证。以沪深300ETF为例，昨日尾盘、今日10:30至11:00左右以及午后13:00时段，只要指数启动上攻，宽基ETF便会出现明显压盘迹象。市场关注点随之转向，持续的调控动作是否会引发系统性风险，明日市场是否将迎来回调。从当前盘面结构来看，前期机构已逐步承接宽基ETF流出的筹码，指数整体结构仍保持稳定，大概率将维持4100点至4180点的箱体震荡格局。这一区间经过近10个交易日、累计4000亿元成交额的验证，下方支撑力度相对充足，短期再度回落的空间有限。需明确的是，震荡行情并非毫无赚钱效应，当前仅一千余只个股上涨的格局，本质上反映的是结构性机会主导市场。其中，黄金板块带动有色金属板块全面走强，成为当日最强主线；与此同时，半导体、人工智能、应用化工等方向也逐步走出趋势性行情。当前市场尚未形成绝对核心主线，各板块更多呈现轮动特征，在此背景下，投资者核心应对策略应是深耕单一方向，精准把握板块轮动节奏，而非盲目追逐热点切换。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2607775385","isCrawlerRequest":true}